GIC rates Canada
Compare posted GIC rates across Canadian banks, trust companies, and credit unions by term, with CDIC coverage and ladder strategy notes.
Compare posted GIC rates across Canadian banks, trust companies, and credit unions by term, with CDIC coverage and ladder strategy notes.
Compare posted GIC rates across Canadian banks, trust companies, and credit unions by term, with CDIC coverage and ladder strategy notes.
GIC rates vary significantly between institutions — online banks and credit unions consistently beat the Big Five by 0.5–1.0%. Below are current rates from 11 Canadian institutions, all CDIC-insured (or provincially insured for credit unions). Rates are for non-registered, non-cashable GICs unless noted.
| Institution | 1 Yr | 2 Yr | 3 Yr | 5 Yr | CDIC |
|---|---|---|---|---|---|
| ★Oaken Financial | 3.35% | 3.65% | 3.70% | 4.00% | ✓ |
| EQ Bank | 3.30% | 3.55% | 3.65% | 4.00% | ✓ |
| Peoples Trust | 3.25% | 3.00% | 3.25% | 3.45% | ✓ |
| Tangerine | 3.15% | 3.35% | 3.45% | 3.65% | ✓ |
| Meridian CU | 3.00% | 3.25% | 3.40% | 3.70% | Provincial |
| Simplii Financial | 2.90% | 3.00% | 3.20% | 3.65% | ✓ |
| TD Bank | 2.70% | 2.80% | 2.75% | 3.10% | ✓ |
| Scotiabank | 2.45% | 2.50% | 2.60% | 2.75% | ✓ |
| RBC | 2.45% | 2.55% | 2.55% | 2.75% | ✓ |
| CIBC | 2.45% | 2.55% | 2.60% | 2.75% | ✓ |
Best rate: 3.35%
You'd earn: $335
The GIC ladder is the most popular strategy: split $50,000 into five $10,000 GICs of 1, 2, 3, 4, and 5 years. Each year when one matures, reinvest it at the 5-year rate. After the first cycle, you have annual liquidity while earning long-term rates.
Hold GICs inside a TFSA or RRSP to shelter the interest from tax. GIC interest is taxed as regular income (your top marginal rate), making them one of the least tax-efficient investments to hold outside registered accounts. On $10,000 at 4%, a 30% marginal rate costs you $120/year in tax.
Credit union GICs aren't CDIC-insured, but provincial deposit insurance often provides equal or greater coverage. Ontario's FSRA (which absorbed the former DICO) covers $250,000 per account on non-registered deposits; Manitoba and Alberta offer unlimited coverage on eligible deposits.
A GIC ladder divides one lump sum across staggered maturity dates. The ladder below splits $50,000 into four $12,500 GICs at today's best posted rates (1, 2, 3, and 5 years) — rungs mature on a rolling basis, you keep the long-term rate on the rest, and you avoid locking everything in at one bad moment.
| Rung | Term | Amount | Best rate today | Annual interest |
|---|---|---|---|---|
| 1 | 1 year | $12,500 | 3.35% | $419 |
| 2 | 2 year | $12,500 | 3.65% | $456 |
| 3 | 3 year | $12,500 | 3.70% | $463 |
| 4 | 5 year | $12,500 | 4.00% | $500 |
| Blended yield | $50,000 | 3.68% | $1,838 | |
Escalator (or step-up) GICs work differently: they start at a low rate and bump up each year over a 3- or 5-year term. Marketed as "rising rate" products, the blended yield usually ends up below a simple 3-year non-redeemable GIC at posted rates. Read the schedule carefully and compute the blended rate before choosing one over a ladder. As a rule of thumb, if the highest year on the escalator is below the best non-redeemable 5-year rate (currently 4.00%), you're giving up yield for the marketing concept of "rising rates."
For comparison against bond ETFs (which offer better liquidity but daily price moves), see our GIC vs HISA deep-dive — the same logic applies to GIC vs short-term bond ETFs like ZAG or VAB.
Drill into each bank's full GIC line-up, pros and cons, and registered-account availability.
See the best rates available in your province, including local credit unions with stronger deposit insurance.
Rates as of July 3, 2026 · Non-registered, non-cashable · Verify directly with each institution